来源：证券日报 1月16日，NEWty2026天猫超级新品盛典在上海举办。盛典回顾了2025年亮眼新品增长成绩的同时，正 式发布了2026年优质新品扶持核心举措，同时公布涵盖百大年度新品的六大新品奖项，颁发年度商业人 物奖，并特别设立女性专项表彰，联动商业与公益，凝聚行业创新力量。 增长数据印证平台实力，新品驱动品牌增长 2025年，超过1600万款优质新品在天猫首发，新品规模创历史新高，超30000款优质新品成交破百万， 数量同比增长35%，新品整体实现34%的成交增长，充分彰显平台的新品孵化力与增长确定性。 盛典现场，行业标杆品牌们登台分享了独家的新品方法论。阿迪达斯讲述了通过新中式系列与天猫小黑 盒全球首发秀深度联动，实现了"即看即买"的新品爆发，25年销量较前两年增长超25倍。潘婷推出了蕴 含护肤级3A胜肽配方的胜肽泡弹发膜，联合天猫精准触达需求人群，新品上市后1个月内新增人群资产 破1亿，以功效创新与平台人群运营驱动了新品增长。以端侧AI Agent技术赋能创意生态，AMD连续三 年打造以中国文化为内核、AI生成技术载体的大众赛事，借力天猫推动"科技+艺术"新品落地消费场 景，建立起中国应用AI先锋 ...

Core Viewpoint - Alibaba Group is planning to restructure its semiconductor design unit, Pingtouge Semiconductor, into an independent entity partially owned by employees, with a potential IPO on the horizon. This plan is still in the preliminary stages, and no official response has been provided by Alibaba as of the report's publication [1][12][13]. Company Developments - The push for Pingtouge's IPO is driven by the progress of its products in external markets, particularly the new self-developed AI accelerator chip, PPU, which is expected to be used internally by Alibaba Cloud in 2024 and to perform well in external sales by 2025, especially in the smart driving sector [1][14]. - Pingtouge's PPU chip features key specifications such as 96GB HBM2e memory, 700GB/s interconnect bandwidth, PCIe 5.0 ×16 interface, and a power consumption of under 400W, positioning it competitively against mid-range products like A800 and even Nvidia's H20 [1][14]. Market Context - The AI computing market is experiencing explosive demand, with significant opportunities for domestic high-performance AI chips, particularly in inference markets driven by large model applications [2][14]. - The timing for Pingtouge's IPO preparation is seen as reasonable given the current market environment, where there is high enthusiasm for quality semiconductor assets, as evidenced by the substantial first-day gains of other domestic GPU manufacturers listed recently [9][21]. Product Development - Pingtouge has developed a comprehensive product series that includes data center chips, processor IP licensing, and IoT chips, achieving full coverage of the chip design chain [4][15]. - The SSD controller chip, Zhenyue 510, has been deployed at scale in Alibaba Cloud's EBS storage solutions, with several storage manufacturers already utilizing this chip [4][16]. Business Model - Pingtouge's revenue is closely tied to Alibaba Cloud, making it challenging for external observers to assess its independent profitability [7][19]. - As part of its IPO strategy, Pingtouge aims to accelerate its market expansion and external sales, responding to market expectations with announcements about the deployment of its Zhenyue 510 chip in various AI and storage applications [20]. Future Challenges - Despite the IPO plans, there are concerns regarding the timeline, with analysts expressing skepticism about the likelihood of completing the IPO by 2026. Key challenges include expanding external customer bases, establishing independent governance, and clarifying pricing mechanisms with Alibaba [10][22].

Group 1 - The core viewpoint of the article is that the domestic AI industry in China is expected to undergo three major changes in 2026: significant technological investment, intense competition differentiation, and market segmentation [1][30]. - The competition among major internet companies is intensifying, with Tencent, Baidu, and ByteDance engaging in a "red envelope war" during the Spring Festival, reminiscent of past marketing battles [3][6][7]. - Tencent announced a cash giveaway of 1 billion yuan through its Yuanbao app, while Baidu and ByteDance also made significant marketing moves, indicating a shift from pure model competition to application and entry competition [7][21]. Group 2 - In 2025, major companies are heavily investing in AI, with ByteDance's capital expenditure expected to reach 300 billion yuan, while Alibaba plans to invest 380 billion yuan over three years, setting a record for domestic AI spending [14][15]. - The competitive landscape is characterized by a "Warring States" model, with major players like ByteDance, Alibaba, Tencent, and Baidu each having distinct strengths and strategies [17][20]. - The article highlights that the current competition is not just about AI models but also encompasses the entire ecosystem from cloud services to applications, with companies like Alibaba focusing on creating a comprehensive application ecosystem [21][24].

Core Insights - Alibaba has officially launched its flagship reasoning model Qwen3-Max-Thinking, which is the largest and most capable model from the company to date [1] Group 1: Model Specifications - Qwen3-Max-Thinking has a total parameter count exceeding 1 trillion (1T) and has been pre-trained on a data volume of 36 trillion tokens [1] - The model has undergone extensive reinforcement learning training and has set new performance records across 19 recognized benchmark tests for large models [1] Group 2: Performance Comparison - The overall performance of Qwen3-Max-Thinking is comparable to that of GPT-5.2-Thinking-xhigh, Claude Opus 4.5, and Gemini 3 Pro [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨董静怡 编辑丨张星 如果以"价格战"定义过去两年中国跨境电商的出海征程，那么2025年，这条赛道的关键词已经改写。 速卖通、Temu、TikTok Shop、SHEIN这四家被称为"出海四小龙"的中国跨境电商平台曾以颠覆性的成 本优势，从亚马逊手中抢夺了大量流量与市场份额。 不过，单纯的低价模式在推动规模增长效果显著，但在抗风险能力上却并不强。当全球贸易规则变化与 关税压力袭来，"四小龙"也开启了转型，强化品牌、深耕本地、提升质量。 与此同时，国际监管的审视日益严峻，从数据安全、商品合规到商业模式本身，平台面临的已不仅是市 场竞争，更是系统性的合规挑战。 在初期的价格优势之后，平台要靠什么持续留住全球消费者？ 图片来源：新华社 逆风 过去，低价一直是"四小龙"的重要标签之一。 中国超大工业体系带来的规模效应以及高效运营的供应链体系为中国B2C跨境出口电商企业带来了价廉 质优的产品，成为中国B2C跨境出口电商业务扩张的重要助力。 2024年以来，受海外通胀影响，消费者对价格的敏感程度提升，间接利好于中国跨境电商平台。平台对 于供应链 ...

野村发表研报指，据报阿里决定支持旗下芯片业务公司平头哥进行独立上市，若独立上市计划最终落 实，预期将为阿里芯片业务释放较大价值。考虑到平头哥资料及数据透明度相对较低，野村基于2027年 预测销售额约8.5倍，对阿里云及平头哥给予估值约3900亿美元，并维持阿里美股"买入"评级，目标价 从193美元上调至237美元。 ...

当红包再次成为中国互联网公司的"核按钮"，这一次，被点燃的不是支付，而是AI助手。 据追风交易台，随着2026年春节临近，中国互联网巨头围绕AI助手的流量争夺，正在迅速升温。腾讯、百度率先 宣布大规模现金红包补贴，阿里、字节跳动被市场普遍预期将加入战局。一场以"春节红包"为引爆点的AI入口之 争，已经悄然打响。 花旗在最新研报中指出，这并非一次简单的春节促销，而更像是中国AI助手迈向全民级应用拐点的重要验证窗 口。 从"红包拉新"到"AI入口争夺"，这一次逻辑彻底变了 春节红包并不新鲜。 从微信支付、支付宝到短视频平台，过去十年，几乎每一轮互联网流量重构，都会伴随春节补贴大战。但花旗强 调，2026年的不同之处在于：争夺的核心标的，已经从"应用"升级为"AI时代的流量入口"。 在花旗看来，AI助手具备三个此前应用不具备的特征： 这也是为什么，2026年被花旗定义为"AI聊天机器人流量争夺战全面升级的一年"。 春节红包只是形式，真正被验证的是"使用习惯" 从已披露的信息看，各家打法已经明显分化： 花旗指出，春节红包的本质，并不是补贴金额，而是"强制用户形成AI使用路径"。只要用户在7—10天高频使用 中形成依赖 ...

记者丨董静怡 编辑丨张星 如果以"价格战"定义过去两年中国跨境电商的出海征程，那么2025年，这条赛道的关键词已 经改写。 速卖通、Temu、TikTok Shop、SHEIN这四家被称为"出海四小龙"的中国跨境电商平台曾以颠 覆性的成本优势，从亚马逊手中抢夺了大量流量与市场份额。 不过，单纯的低价模式在推动规模增长效果显著，但在抗风险能力上却并不强。 当全球贸易 规则变化与关税压力袭来，"四小龙"也开启了转型，强化品牌、深耕本地、提升质量。 与此同时，国际监管的审视日益严峻，从数据安全、商品合规到商业模式本身， 平台面临的 已不仅是市场竞争，更是系统性的合规挑战。 在初期的价格优势之后，平台要靠什么持续留住全球消费者？ 图片来源：新华社 逆风 过去，低价一直是"四小龙"的重要标签之一。 中国超大工业体系带来的规模效应以及高效运营的供应链体系为中国B2C跨境出口电商企业带 来了价廉质优的产品，成为中国B2C跨境出口电商业务扩张的重要助力。 2024年以来，受海外通胀影响，消费者对价格的敏感程度提升，间接利好于中国跨境电商平 台。平台对于供应链的强把控、充分发挥价格优势的策略愈演愈烈，延伸出了风靡跨境圈 的"托 ...

Core Viewpoint - The launch of Alibaba's Qwen3-Max-Thinking model marks a significant advancement in AI capabilities, positioning it among the top domestic models comparable to international leaders like GPT-5.2 and Gemini 3 Pro [1][5]. Performance Evaluation - Qwen3-Max-Thinking has achieved impressive scores across various benchmarks, including: - MMLU-Pro: 85.7 - MMLU-Redux: 92.8 - C-Eval: 93.7 - GPQA: 87.4 - LiveCodeBench v6: 85.9 - IMOAnswerBench: 83.9 - Overall, it has surpassed previous records in 19 mainstream evaluation benchmarks [4][5]. Model Specifications - The model boasts over 1 trillion parameters and has been trained on 36 trillion tokens, making it Alibaba's largest and most powerful reasoning model to date [4][5]. Innovative Features - Qwen3-Max-Thinking introduces a Heavy Mode for reasoning, allowing for iterative self-reflection and experience accumulation, which enhances problem-solving efficiency without significantly increasing token costs [13]. - The model integrates tool usage into the reasoning process, enabling it to perform complex tasks in a more strategic manner, thus reducing errors and improving real-world applicability [14]. Market Impact - As of January 2026, the Qwen series has achieved over 1 billion downloads on Hugging Face, establishing itself as one of the most popular open-source AI model series [15]. - The introduction of Qwen3-Max-Thinking signifies a shift in the AI market focus from merely intelligent chatbots to powerful intelligent agents capable of executing complex tasks [15].

Core Insights - Alibaba has officially launched its flagship reasoning model Qwen3-Max-Thinking, which boasts over 1 trillion parameters and a pre-training data volume of 36 trillion tokens, making it the largest and most capable model in the Qwen series [1][2] - The model has set new state-of-the-art (SOTA) records in 19 recognized benchmark tests, demonstrating performance comparable to leading models such as GPT-5.2-Thinking, Claude Opus 4.5, and Gemini 3 Pro [1][4] Model Capabilities - Qwen3-Max-Thinking introduces adaptive tool invocation capabilities, allowing the model to autonomously select and utilize built-in functions like search, memory, and code interpreter without manual user input [3] - The model employs a testing expansion technique that reduces computational waste from repetitive tasks by focusing on unresolved uncertainties, enhancing context utilization efficiency [3] Performance Metrics - In the C-Eval Chinese authoritative assessment, Qwen3-Max-Thinking achieved a score of 93.7, ranking first globally and outperforming foreign models in understanding complex Chinese contexts [6] - The model scored 90.2 in the Arena-Hard v2 adversarial interaction test, significantly ahead of GPT-5.2's 85.3 and Gemini 3 Pro's 81.7, showcasing its ability to capture user subtleties and provide human-like responses [6] - In the intelligent agent tool search test (HLE (w/tools)), Qwen3-Max-Thinking scored 49.8, surpassing GPT-5.2-Thinking, demonstrating its capability to autonomously solve problems [6] Application Integration - The Qwen APP is set to integrate the new model, allowing all users to experience its capabilities, with over 400 AI service functions being launched [7] - The app has already connected with Alibaba's ecosystem, enabling functionalities such as food delivery, shopping, and flight booking, enhancing user interaction with AI [7] - The "Task Assistant" feature has been initiated for testing, which includes multi-step planning capabilities across various applications, with plans for broader user access post-testing [8] Future Developments - Alibaba plans to expand its AI capabilities globally through an overseas version, with significant investments in AI infrastructure anticipated by 2025 [9] - The company is mobilizing over a hundred developers to support the project, reflecting its commitment to both service development and the underlying technology infrastructure [9]